Following a review of its portfolio of 1,346 stores, McColl's Retail Group plc has decided to sell up to 100 newsagents.
McColl's continues to focus on its strategy to develop and expand its convenience business and has identified these stores as not being part of its long term planning.
There are approximately 100 stores involved, that are expected to be sold for no less than their asset value, and their closure is expected to be earnings neutral in 2016. The group will continue to run profitable newsagents and convert these to convenience format where appropriate.
James Lancaster, Chief Executive, commented, 'We have continued to make good progress on enhancing our offering and capturing growth in the convenience market.
'As we continue to grow our convenience store estate we constantly review our wider store portfolio, and from this we have identified 100 newsagents which no longer align to our strategic objectives.
'The sale of these stores will generate funds which will allow us to invest further in profitable convenience stores.'